Borough may lose revenue in Petro deal
January 10, 2019
Although negotiations between the Petersburg Borough and Petro 49, Inc. over a possible land swap haven’t begun, borough manager Stephen Giesbrecht anticipates Petro 49, Inc.’s 22-year lease of borough land to be one of the main talking points of the negotiations.
In the land trade, the borough would receive Petro 49, Inc. owned land that includes a warehouse, in exchange for borough owned land that is leased by Petro 49, Inc. The borough assembly gave Giesbrecht permission to conduct negotiations in early December.
According to borough finance director Jody Tow, the maturity date for t...